Riyadh Holding Talks on Joining BRICS’ Bank


MOSCOW (Sputnik) – Saudi Arabia is in talks on joining the BRICS’ New Development Bank as the ninth member, media reports.

“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,” a representative of the New Development Bank told media in a statement.

The newspaper said that the addition of Saudi Arabia would reinforce ties between the BRICS bank and the world’s second-largest oil producer.

BRICS is an association of the world’s major developing economies that was formed in 2006 to enhance cooperation among the member countries and elaborate common approaches to global economic challenges. The association comprises Brazil, Russia, India, China and South Africa but is looking to accept new members. Besides Algeria, the list of potential candidates for accession includes Argentina, Egypt, Iran, Saudi Arabia and Turkey.

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